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Rivian spinoff Also raises another $200M to build e-bikes and more
Also Inc., a new micromobility startup spun off from Rivian, has secured $200 million from Greenoaks Capital, boosting its valuation to $1 billion. Initially a project within Rivian, Also aims to design micro-EVs and e-bikes, collaborating with Apple's Jony Ive's firm for design support, with new designs expected to be revealed later this year.
Key points
- Also Inc. raised $200 million from Greenoaks Capital.
- Post-money valuation of Also Inc. is now $1 billion.
- The startup was initially a project within Rivian known as Project Inder.
- They are focusing on e-bikes and various micro-EVs.
- Collaboration with designer Jony Ive’s firm, LoveFrom, for product design.
- Also plans to unveil first designs by the end of 2023.
Why it matters
- The micromobility sector is increasingly important as cities promote sustainable transportation solutions.
- In 2025, e-bikes and micro-EVs are expected to see significant growth due to environmental concerns and urbanization.
- Companies like Rivian are pivoting their focus toward diverse sustainable mobility options in response to market demand.
Also Inc.'s successful funding round highlights the growing interest in sustainable transport solutions, positioning the company for a significant impact in the micromobility market.